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v3.25.1

LEASES | 12 Months Ended
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Feb. 02, 2025
Leases [Abstract] |
LEASES | LEASES The components of the net lease cost were as follows:
(In millions) |  | Line Item in the Company’s Consolidated Statements of Operations |  | 2024 |  | 2023 |  | 2022 |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use-assets |  | SG&A expenses (depreciation and amortization) |  | $ | 3.5 |  |  | $ | 4.2 |  |  | $ | 4.2 |  |  |  |  |
Interest on lease liabilities |  | Interest expense |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  |  |  |  |
Total finance lease cost |  |  |  | 3.7 |  |  | 4.4 |  |  | 4.4 |  |  |  |  |
Operating lease cost |  | SG&A expenses |  | 388.3 |  |  | 402.3 |  |  | 401.4 |  |  |  |  |
Short-term lease cost |  | SG&A expenses |  | 66.1 |  |  | 41.7 |  |  | 35.9 |  |  |  |  |
Variable lease cost |  | SG&A expenses |  | 138.2 |  |  | 132.3 |  |  | 116.2 |  |  |  |  |
Less: sublease income |  | SG&A expenses |  | (6.0) |  |  | (5.3) |  |  | (4.7) |  |  |  |  |
Total net lease cost |  |  |  | $ | 590.3 |  |  | $ | 575.4 |  |  | $ | 553.2 |  |  |  |  |
Supplemental balance sheet information related to leases was as follows:
(In millions) |  | Line Item in the Company’s Consolidated Balance Sheets |  | 2024 |  | 2023 |  |  |  |
Right-of-use assets: |  |  |  |  |  |  |  |  |  |
Operating lease |  | Operating lease right-of-use assets |  | $ | 1,157.5 |  |  | $ | 1,213.8 |  |  |  |  |
Finance lease |  | Property, plant and equipment, net |  | 5.4 |  |  | 8.8 |  |  |  |  |
|  |  |  | $ | 1,162.9 |  |  | $ | 1,222.6 |  |  |  |  |
Current lease liabilities: |  |  |  |  |  |  |  |  |  |
Operating lease |  | Current portion of operating lease liabilities |  | $ | 289.1 |  |  | $ | 288.9 |  |  |  |  |
Finance lease |  | Accrued expenses |  | 3.2 |  |  | 4.1 |  |  |  |  |
|  |  |  | $ | 292.3 |  |  | $ | 293.0 |  |  |  |  |
Other lease liabilities: |  |  |  |  |  |  |  |  |  |
Operating lease |  | Long-term portion of operating lease liabilities |  | $ | 1,011.3 |  |  | $ | 1,075.8 |  |  |  |  |
Finance lease |  | Other liabilities |  | 2.7 |  |  | 5.6 |  |  |  |  |
|  |  |  | $ | 1,014.0 |  |  | $ | 1,081.4 |  |  |  |  |
Supplemental cash flow information related to leases was as follows:
(In millions) |  | 2024 |  | 2023 |  | 2022 |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 392.0 |  |  | $ | 446.2 |  |  | $ | 450.8 |  |  |  |  |
Operating cash flows from finance leases |  | 0.2 |  |  | 0.2 |  |  | 0.2 |  |  |  |  |
Financing cash flows from finance leases |  | 3.9 |  |  | 4.6 |  |  | 4.7 |  |  |  |  |
Noncash transactions: |  |  |  |  |  |  |  |  |  |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | $ | 300.2 |  |  | $ | 278.4 |  |  | $ | 338.6 |  |  |  |  |
Right-of-use assets obtained in exchange for new finance lease liabilities |  | 0.8 |  |  | 4.0 |  |  | 8.2 |  |  |  |  |
The following summarizes the weighted average remaining lease terms and weighted average discount rates related to the Company’s right-of-use assets and lease liabilities recorded on the balance sheet:
|  | 2024 |  | 2023
Weighted average remaining lease term (years): |  |  |  |
Operating leases |  | 5.92 |  | 6.10
Finance leases |  | 2.02 |  | 2.55
Weighted average discount rate: |  |  |  |
Operating leases |  | 4.68 | % |  | 4.64 | %
Finance leases |  | 2.11 | % |  | 2.17 | %
At February 2, 2025, the maturities of the Company’s lease liabilities were as follows:
(In millions) |  | Finance Leases |  | Operating Leases |  | Total
2025 |  | $ | 3.2 |  |  | $ | 341.6 |  |  | $ | 344.8 |
2026 |  | 2.1 |  |  | 287.6 |  |  | 289.7 |
2027 |  | 0.5 |  |  | 239.3 |  |  | 239.8 |
2028 |  | 0.2 |  |  | 187.0 |  |  | 187.2 |
2029 |  | — |  |  | 131.0 |  |  | 131.0 |
Thereafter |  | — |  |  | 312.9 |  |  | 312.9 |
Total lease payments |  | $ | 6.0 |  |  | $ | 1,499.4 |  |  | $ | 1,505.4 |
Less: Interest |  | (0.1) |  |  | (199.0) |  |  | (199.1) |
Total lease liabilities |  | $ | 5.9 |  |  | $ | 1,300.4 |  |  | $ | 1,306.3 |
The Company’s lease liabilities exclude $108.0 million of future lease payment obligations related to leases for various retail store and distribution center leases that were entered into but did not commence as of February 2, 2025. These leases commenced or will commence in 2025.

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- Definition Leases Disclosure + References No definition available. + Details
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